Anything in particular I need to prepare for if the homeowner has an FHA loan rather than a conventional??
I read somewhere that the lender can only take 82% of the FHA payoff, is this true?
Whatever the discount is that FHA will accept was determined when the loan was originated. Anything deducted past this predetermined number will be a lose for the service provider. In my last case, it was countrywide. The short sale process will take longer than normal because the service provider will be acting as the middle man, which always slows things up.
GooD Luck! :beer
Also very important with FHA. Make sure they do not move out before you get the sale approved.
Why is this a factor?
Not a good answer why, I can only guess it’s some government requirement. You can verify with the loss mitigator in your specific case, but I’ve run into this more than once.
also, if the house has major repairs needed the deal will be dead if the cost of repairs are more than 10% of the propertys value.